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【South Korea’s Jeonbuk Bank launches a won loan program collateralized by Bitcoin】

According to South Korea’s Maeil Business Newspaper,JB Jeonbuk Bank, a subsidiary of a financial group, has launched South Korea’s banking industry’s first won loan program linked to digital assets. Initially, it is available only to corporate customers, with Bitcoin as the sole collateral and the loan proceeds restricted to business operating funds. The bank will not directly hold or manage Bitcoin; instead, it will be held by a qualified virtual asset service provider. In the event of default, the bank will not acquire ownership of the virtual assets, but will monetize the collateral through court auctions and other procedures under the revised Civil Execution Rules before recovering its claim. Jeonbuk Bank has completed stress testing and established a valuation system based on weighted average prices from multiple global exchanges.